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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities
The following table summarizes the amortized cost and estimated fair value of securities available for sale and securities held to maturity as of March 31, 2020 and December 31, 2019, excluding accrued interest of $13.3 million and $15.1 million, respectively, which is included in other assets in the unaudited consolidated balance sheets, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses:
 
March 31, 2020
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
39,944

 
$
425

 
$
—

 
$
40,369

Obligations of state and political subdivisions
158,578

 
6,984

 
—

 
165,562

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
2,797,087

 
82,191

 
(70
)
 
2,879,208

          Commercial agency
681,145

 
32,078

 
(13
)
 
713,210

Other securities
113,621

 
3,230

 
(240
)
 
116,611

Total securities available for sale
$
3,790,375

 
$
124,908

 
$
(323
)
 
$
3,914,960

 
 
 
 
 
 
 
 
 
Amortized
Cost
 
Gross
Unrecognized
Gains
 
Gross
Unrecognized
Losses
 
Estimated
Fair
Value
Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
162,330

 
$
8,233

 
$
—

 
$
170,563

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
15,630

 
210

 
(7
)
 
15,833

Total securities held to maturity
$
177,960

 
$
8,443

 
$
(7
)
 
$
186,396



 
December 31, 2019
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
39,916

 
$
281

 
$
—

 
$
40,197

Obligations of state and political subdivisions
160,873

 
7,607

 
—

 
168,480

Mortgage-backed securities:
 
 
 
 
 
 
 
           Residential agency
2,876,069

 
27,423

 
(3,836
)
 
2,899,656

           Commercial agency
704,661

 
17,202

 
(404
)
 
721,459

Other securities
101,022

 
2,779

 
(233
)
 
103,568

Total securities available for sale
$
3,882,541

 
$
55,292

 
$
(4,473
)
 
$
3,933,360

 
 
 
 
 
 
 
 
 
Amortized
Cost
 
Gross
Unrecognized
Gains
 
Gross
Unrecognized
Losses
 
Estimated
Fair
Value
Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
166,386

 
$
7,147

 
$
—

 
$
173,533

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
16,575

 
30

 
(239
)
 
16,366

Total securities held to maturity
$
182,961

 
$
7,177

 
$
(239
)
 
$
189,899


Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, was as follows:
 
March 31, 2020
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
$
(70
)
 
$
8,684

 
$
—

 
$
—

 
$
(70
)
 
$
8,684

           Commercial agency
(13
)
 
5,039

 
—

 
—

 
(13
)
 
5,039

Other securities
(152
)
 
19,848

 
(88
)
 
4,168

 
(240
)
 
24,016

Total securities available for sale
$
(235
)
 
$
33,571

 
$
(88
)
 
$
4,168

 
$
(323
)
 
$
37,739

 
 
 
 
 
 
 
 
 
 
 
 
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
$
—

 
$
46

 
$
(7
)
 
$
1,973

 
$
(7
)
 
$
2,019

Total securities held to maturity
$
—

 
$
46

 
$
(7
)
 
$
1,973

 
$
(7
)
 
$
2,019


 
December 31, 2019
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
—

 
$
590

 
$
—

 
$
—

 
$
—

 
$
590

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(1,893
)
 
441,332

 
(1,943
)
 
268,383

 
(3,836
)
 
709,715

           Commercial agency
(252
)
 
56,728

 
(152
)
 
10,301

 
(404
)
 
67,029

Other securities
(133
)
 
13,241

 
(100
)
 
4,492

 
(233
)
 
17,733

Total securities available for sale
$
(2,278
)
 
$
511,891

 
$
(2,195
)
 
$
283,176

 
$
(4,473
)
 
$
795,067

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
          Residential agency
$
(52
)
 
$
6,308

 
$
(187
)
 
$
9,074

 
$
(239
)
 
$
15,382

Total securities held to maturity
$
(52
)
 
$
6,308

 
$
(187
)
 
$
9,074

 
$
(239
)
 
$
15,382
Held-to-maturity Securities
The following table summarizes the amortized cost and estimated fair value of securities available for sale and securities held to maturity as of March 31, 2020 and December 31, 2019, excluding accrued interest of $13.3 million and $15.1 million, respectively, which is included in other assets in the unaudited consolidated balance sheets, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses:
 
March 31, 2020
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
39,944

 
$
425

 
$
—

 
$
40,369

Obligations of state and political subdivisions
158,578

 
6,984

 
—

 
165,562

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
2,797,087

 
82,191

 
(70
)
 
2,879,208

          Commercial agency
681,145

 
32,078

 
(13
)
 
713,210

Other securities
113,621

 
3,230

 
(240
)
 
116,611

Total securities available for sale
$
3,790,375

 
$
124,908

 
$
(323
)
 
$
3,914,960

 
 
 
 
 
 
 
 
 
Amortized
Cost
 
Gross
Unrecognized
Gains
 
Gross
Unrecognized
Losses
 
Estimated
Fair
Value
Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
162,330

 
$
8,233

 
$
—

 
$
170,563

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
15,630

 
210

 
(7
)
 
15,833

Total securities held to maturity
$
177,960

 
$
8,443

 
$
(7
)
 
$
186,396



 
December 31, 2019
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
39,916

 
$
281

 
$
—

 
$
40,197

Obligations of state and political subdivisions
160,873

 
7,607

 
—

 
168,480

Mortgage-backed securities:
 
 
 
 
 
 
 
           Residential agency
2,876,069

 
27,423

 
(3,836
)
 
2,899,656

           Commercial agency
704,661

 
17,202

 
(404
)
 
721,459

Other securities
101,022

 
2,779

 
(233
)
 
103,568

Total securities available for sale
$
3,882,541

 
$
55,292

 
$
(4,473
)
 
$
3,933,360

 
 
 
 
 
 
 
 
 
Amortized
Cost
 
Gross
Unrecognized
Gains
 
Gross
Unrecognized
Losses
 
Estimated
Fair
Value
Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
166,386

 
$
7,147

 
$
—

 
$
173,533

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
16,575

 
30

 
(239
)
 
16,366

Total securities held to maturity
$
182,961

 
$
7,177

 
$
(239
)
 
$
189,899


Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, was as follows:
 
March 31, 2020
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
$
(70
)
 
$
8,684

 
$
—

 
$
—

 
$
(70
)
 
$
8,684

           Commercial agency
(13
)
 
5,039

 
—

 
—

 
(13
)
 
5,039

Other securities
(152
)
 
19,848

 
(88
)
 
4,168

 
(240
)
 
24,016

Total securities available for sale
$
(235
)
 
$
33,571

 
$
(88
)
 
$
4,168

 
$
(323
)
 
$
37,739

 
 
 
 
 
 
 
 
 
 
 
 
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
$
—

 
$
46

 
$
(7
)
 
$
1,973

 
$
(7
)
 
$
2,019

Total securities held to maturity
$
—

 
$
46

 
$
(7
)
 
$
1,973

 
$
(7
)
 
$
2,019


 
December 31, 2019
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
—

 
$
590

 
$
—

 
$
—

 
$
—

 
$
590

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(1,893
)
 
441,332

 
(1,943
)
 
268,383

 
(3,836
)
 
709,715

           Commercial agency
(252
)
 
56,728

 
(152
)
 
10,301

 
(404
)
 
67,029

Other securities
(133
)
 
13,241

 
(100
)
 
4,492

 
(233
)
 
17,733

Total securities available for sale
$
(2,278
)
 
$
511,891

 
$
(2,195
)
 
$
283,176

 
$
(4,473
)
 
$
795,067

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
 
Gross Unrecognized Losses
 
Estimated Fair Value
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
          Residential agency
$
(52
)
 
$
6,308

 
$
(187
)
 
$
9,074

 
$
(239
)
 
$
15,382

Total securities held to maturity
$
(52
)
 
$
6,308

 
$
(187
)
 
$
9,074

 
$
(239
)
 
$
15,382
Additional Information on Securities in a Continuous Loss Position Additional information on securities that were in a continuous loss position for over twelve months at March 31, 2020 and December 31, 2019 is presented in the following table.

(in thousands)
March 31, 2020
 
December 31, 2019
Number of securities
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
2

 
59

          Commercial agency
—

 
6

Other securities
4

 
4

 
6

 
69

Amortized Cost Basis
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
$
1,980

 
$
279,587

          Commercial agency
—

 
10,453

Other securities
4,256

 
4,591

 
$
6,236

 
$
294,631

Unrealized Loss
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
$
7

 
$
2,130

          Commercial agency
—

 
152

Other securities
88

 
100

 
$
95

 
$
2,382
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block]
March 31, 2020
Securities Held to Maturity
Credit Rating
 
Obligations of State and Political Subdivisions
(in thousands)
Aaa / AAA
 
$
80,815

Aa1 / AA+
 
33,066

Aa2/ AA
 
38,317

Aa3 / AA-
 
8,292

A2 / A
 
1,840

Total
 
$
162,330
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity
The amortized cost and estimated fair value of investment securities by maturity at March 31, 2020 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
 
Securities Available for Sale
 
Securities Held to Maturity
(in thousands)
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
 
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
Within one year or less
2.62
%
 
$
41,572

 
$
41,999

 
3.00
%
 
$
245

 
$
245

One through five years
2.60

 
180,356

 
187,480

 
2.59

 
5,329

 
5,380

After five through ten years
2.68

 
641,404

 
671,014

 
2.37

 
56,038

 
58,524

Over ten years
2.59

 
2,927,043

 
3,014,467

 
2.56

 
116,348

 
122,247

 
2.61
%
 
$
3,790,375

 
$
3,914,960

 
2.50
%
 
$
177,960

 
$
186,396
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale
Gains or losses on securities sold are recorded on the trade date, using the specific identification method. For the three months ended March 31, 2020 and 2019, the Company did not have any realized gains or losses from the sale of securities classified as available for sale. The Company did not realize any gains on calls of securities held to maturity for the three months ended March 31, 2020 and 2019.
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets
The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, were as follows:
(in thousands)
March 31, 2020
 
December 31, 2019
Federal Home Loan Bank stock
$
70,914

 
$
70,386

Federal Reserve Bank stock
85,630

 
85,630

CRA and Community Development Investment Funds
1,988

 
1,948

Other investments
22,098

 
21,118

 
$
180,630

 
$
179,082